SuperyachtNews – 03 October 2018
The Panama Maritime Authority has announced that it will implement the REG Code by 1 January 2019…
The Panama Maritime Authority (PMA) has reported that it is currently working on the implementation of the Red Ensign Group Yacht Code (REG Code), to come into effect on 1 January 2019. Implementation of the REG Code has been commenced as part of a wider strategy to strengthen Panama’s position in the superyacht market by establishing the legal regime and the technical standards for safety and the prevention of pollution for superyachts. The PMA will be accepting the registration of commercial superyachts under both Parts A and B of the code.
By implementing the REG Code, an existing void is filled in the Panamanian Merchant Registry as far as commercial yachts are concerned. Previously, commercial yachts fell under the auspices of Decree No.18, 30 May, 1984 and were, therefore, legislated for by out of date practices in a supplementary manner.
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